Entrepreneurial spirit the way forward for notarial profession
The past period has been a difficult one for civil-law notaries, with turnover and earnings remaining under pressure since the financial crisis in 2008.
News articles
Mortgage overpayments increasing
ABN AMRO is seeing an increase in the number of clients making overpayments on their mortgage. In the first half of 2014, for example, the number of additional repayments rose by 48% compared with the first half of 2012. The increase is now flattening out somewhat: the increase in the first half of 2014 compared with the first six months of 2013 was just under 5%.
Construction sector recovery gathering speed
ABN AMRO expects building output to increase by 3 per cent in 2014 and 2 per cent in 2015. Between January and May this year, building output was up by 3.3 per cent year on year, boosted by factors including mild winter weather. Construction sector indicators, meanwhile, are rising.
ABN AMRO provides information about negative equity
On 11 June, the leading Dutch daily, De Volkskrant, reported that banks and insurance companies fail to help home owners faced with negative equity. On its website www.abnamro.nl/restschuld, ABN AMRO provides detailed information about negative equity. Additionally, the bank’s advisers get in touch with customers to discuss the possibilities.
NHG ceiling being lowered
The Dutch government has announced changes to its National Mortgage Guarantee Scheme NHG that are likely to impact home sales, ABN AMRO Group Economics believes. The maximum loan size for NHG-eligible mortgages is to be gradually lowered. "Some transactions will simply not happen", says economist Philip Bokeloh of Group Economics. "The lower NHG ceiling is bound to put the brakes on home sales."
Negative equity: what are the options?
Although the housing market is improving, house price expectations are still grim. As a result, a lot of home owners that are looking to sell will be confronted with sales proceeds that are insufficient to pay off their current mortgage. In other words, negative equity.
Housing market on the mend: trends and opportunities
Gradually the housing market is picking up, but the newsflow is still anything but consistent. On 10 April at 10 a.m., for instance, Dutch news website Nu.nl posted the headline ‘Dutch housing market at post-crisis high’. Yet at 2 p.m. that same day, they followed up with ‘Housing market still far from healthy’.
Gift tax exemption temporarily raised to EUR 100.000
The tax exemption for gifts used to finance a home has been raised to EUR 100,000. Under this temporary measure, which came into force on 1 October 2013, tax payers may receive gifts of up to EUR 100,000 in one calendar year without having to pay gift tax, on one condition: the money must be used for their own home. The measure will remain in force until 31 December 2014.
Foreclosure sale: a last resort
The number of foreclosure sales in the Netherlands is declining. In 2013, according to the Dutch land registry office (Kadaster) 1,836 homes were auctioned, because their owners were no longer able to pay their mortgages. In 2012, that figure was 2,488. Out of ABN AMRO’s mortgage portfolio 315 houses were auctioned – compared to 400 in 2012. To ABN AMRO, foreclosures are a last resort. The bank does everything in its power to help customers with mortgage problems in as early a stage as possible.
Rules for home mortgage tax relief adjusted in 2014
Recent data - for example a modest rise in home sales - suggests the severe pressure that the Dutch housing market has been under since 2008 is starting to lift. To nurture budding recovery, the Dutch government has introduced measures that may be relevant to consumers – notably a change in the rules for home mortgage tax relief.
Help for mortgage clients with payment difficulties
ABN AMRO proactively contacts clients with a residual debt in order to make them aware of the potential problems and to work with them to find solutions. As part of this exercise, ABN AMRO has contacted around 50,000 clients by telephone and written to 100,000.
Online seminar on homes & mortgages
On 30 May 2013, ABN AMRO hosted an online seminar on the theme of homes & mortgages.
Mortgage Care Team helps customers prevent payment arrears
ABN AMRO offers an extensive programme to help customers with payment arrears. For example, the bank proactively contacts customers with high mortgage costs, and has set up a network of 200 financial coaches all across the Netherlands to help customers with payment arrears. Also, in 2009 the bank set up a Mortgage Care Team (HCT) to help customers who are at risk of running into financial problems. In 2013, the HCT approached over 50,000 customers and had discussions with 25,000 of them about their financial situation.
Execution-only mortgages
For retail customers, ABN AMRO offers the option of arranging a mortgage online without first getting personal advice from the bank. Especially more experienced customers are tapping into this option. For example customers who want to top up their existing mortgage, or take out a second one.